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Jones Lang LaSalle (JLL) Capital Markets, Net Lease is pleased to exclusively offer a premier net lease opportunity to acquire a single tenant, ground leased Bank of America located in Lantana, Florida — a coastal South Florida town near I-95 (251,000 VPD) and less than 15 minutes from West Palm Beach.
- 5.5 years of ground lease term remaining and 12-15% increases in every option with the 2nd largest bank in the U.S.
- Bank of America has investment-grade credit from Moody’s (Aa2), S&P (A+), and Fitch (AA-)
- Bank of America has the #1 market share in Palm Beach County at 19% with $10.1 billion in deposits
- Below-market rent of $24.89 per square feet — 22% less than Palm Beach County average bank rents of $31.97 per square feet (CoStar)
- Recent asking rents for bank properties in Palm Beach County exceed $40 per square feet due to only 2.6% availability
- Directly 9 miles south of West Palm Beach and 31 miles north of Fort Lauderdale along US-1 (19,300 VPD).
- Less than 1 mile east of I-95 which carries 251,000 vehicles per day through South Florida
- Dense, coastal location with high geographic barriers to entry and 83,127 residents within 3 miles
- Located in the grocery-anchored Lantana Village Square featuring Winn-Dixie and West Marine
- Located in 13.5 million square feet industrial submarket and 1,270 hotel rooms in 1 mile
- Recent developments include Aura Seaside (250 apartments) and The Preserve at Hypoluxo (49 townhomes)
- Related Group is building Water Tower Commons to feature 340K square feet of commercial space and 1,091 apartments